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Thursday, July 24, 2008

Daily Observation – Keep It Simple Stupid

Well we’re back on-line again, after a brief stint in Las Vegas for an Economic Summit; I am ready once again to share with you the latest in the area of commercial Finance.

I hope the title of this observation has piqued your interest. I am not saying that anyone is stupid, but the system that we have to work within everyday is getting more and more ridiculous, as more and more lenders are closing their doors. The lenders that are remaining are asking for more and more minute details in their quest to find reasons not to fund a loan,

The lesson that I am trying to share and not sound so condescending is that we as financial experts have to provide all the material the lender needs in the most simplistic and elementary way that we can present data. As I mentioned last week, there are no more exceptions, and we have to cherish the lenders that are still making deals happen.

But instead of cherishing them get them the most complete and easily understood loan scenario possible. Don’t go presenting esoteric loan scenarios as they are just not going to fund. Don’t present SBA Loans that the taxes do not reflect the true income and hope that all the brokers add backs will meet the lenders criteria for funding.

We must be very proactive in this economic environment and not reactive.

Financial Broker and Business Development Officer must work together for the good of the client. For more on the Role of the Financial Broker
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